16 February 2009

MapmyIndia receives $9 mn funding from Qualcomm Ventures

Qualcomm Ventures Invests $9 million in MapMyIndia

LBS MapMyIndia provides digital maps, location-based services and GPS navigation on handhelds and in cars. The investment, along with others from Kleiner Perkins Caufield Byers, Sherpalo Ventures and Nexus India Capital may lead to expansion outside of India. A telling comment from MapmyIndia MD Rakesh Verma: "After the acquisition of Navteq, the field has been opened. We are examining and have plans for venturing overseas in 2010-11."

NEW DELHI: Digital maps and navigation services provider MapmyIndia has received $ 9 million funding from Qualcomm Ventures, the venture capital

arm of the global wireless technology major Qualcomm and a few other investors.

In a strategic partnership with Qualcomm, MapmyIndia will leverage the former's technology to strengthen its services in the country and explore overseas opportunities.

"Through the partnership, we will leverage Qualcomm's leading wireless technologies to grow in the telecom, automotive and internet ecosystems--handset manufacturers, mobile operators, automotive manufacturers, hardware vendors, chipset providers, and application developers," MapmyIndia MD Rakesh Verma told PTI.

Apart from Qualcomm Ventures, the other investors are Kleiner Perkins Caufield Byers, Sherpalo Ventures and Nexus India Capital, who had invested USD 3 million earlier.

MapmyIndia is now looking at expanding its presence overseas as well.

"After the acquisition of Navteq, the field has been opened. We are examining and have plans for venturing overseas in 2010-11," Verma said declining to give further details.

MapmyIndia provides digital maps, location-based services and GPS navigation in the country on handheld devices, mobile phones and automobiles.
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